PeakTrader.com Forum Index PeakTrader.com
Economics, Portfolio Optimization, and Technical Analysis
 
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 
Log inFast Charts

Inverse Head & Shoulders or Test of Low?

 
Post new topic   Reply to topic     PeakTrader.com Forum Index -> Market Forecast
View previous topic :: View next topic  
Author Message
administrator
Site Admin


Joined: 28 Dec 2005
Posts: 10405

PostPosted: Sat Sep 08, 2007 11:17 pm    Post subject: Inverse Head & Shoulders or Test of Low? Reply with quote

SPX may be developing an inverse head & shoulders pattern, which would create a V-bottom. The implication is SPX will hold roughly 1,440 and test the high at roughly 1,550 before the end of September.

However, if SPX falls significantly below 1,440, e.g. next week and before the FOMC announcement September 18th, a test of the low at 1,370 may take place, which would create a W-bottom.

Intermediate-term technical indicators, e.g. the NYMO 20 & 50 day MAs and the daily NYSI, remain in bullish uptrends, while the CBOE Put/Call MAs are market bullish. However, seasonality is bearish.

Consequently, bank and housing stocks, e.g. C and KBH, may be best at this point, while SPY and IWM may be best on a test of the low, particularly if the test is on lower volume or on a higher low.

PeakTrader top buys are: SPY IWM RKH C WB KBH TOL PFE WMT AA IP AMGN MXIM RMBS NBR SIMG CTIC and DNDN.



Back to top
View user's profile Send private message
Display posts from previous:   
Post new topic   Reply to topic     PeakTrader.com Forum Index -> Market Forecast All times are GMT - 8 Hours
Page 1 of 1

 
Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum


Powered by PeakTrader 2.0.8 © 2001, 2002